Golden China Releases Fiscal 2008 Q1 Results

    TORONTO, Nov. 13 /CNW Telbec/ - Golden China Resources Corporation
(GCX: TSX; ASX) today released its unaudited financial results for the three
months ended September 30, 2007.
    The Corporation reported $10.35 million of revenue for Q1 Fiscal 2008,
which contrasts with nil for the comparable period of its 2007 financial year.
All revenue was recognized by Golden China's BioGold gold processing facility
in Shandong Province, acquired by the Corporation in December 2006 as part of
its business combination with Michelago Limited of Australia.
    For the quarter ended September 30, 2007, the Corporation incurred a net
loss of $6.39 million, or $0.12 per share, comparing with a net loss of
$1.12 million ($0.06 per share) for the same period in Fiscal 2007. The
increased year-over-year net loss was mainly due to a $3.19 million one-time
consulting fee charged in relation to the acquisition of Golden China
Management Inc. (see press release dated August 9, 2007) as well as higher
general, administrative, and office expenses incurred as a result of amplified
business activities following Golden China's business combination with
    On September 7, 2007, Sino Gold agreed, subject to certain terms and
conditions, to make a take-over offer (the "Offer") for all of the shares of
Golden China. Under the terms of the Offer, Golden China shareholders and CDI
holders will receive 0.2222 of a Sino Gold share for every Golden China common
share they hold. Details are available in Sino Gold's Offering Circular and
Golden China's Directors' Circular, which were mailed to Golden China
shareholders on October 24, 2007. The documents are also available on SEDAR at and the ASX at
    For a detailed analysis of Golden China's operational and financial
results for the quarter ended September 30, 2007, please refer to the
company's Management's Discussion and Analysis, and financial statements and
notes thereto, available on Golden China's website (, SEDAR
(, and the Australian Stock Exchange (

    About Golden China Resources Corporation:

    Golden China Resources Corporation is a significant participant and
consolidator in the Chinese precious metal industry and one of the largest
producers of gold in China. The company is using its extensive knowledge of
the Chinese marketplace and best practices based on established international
standards in building a diversified gold business focused on exploration and
development, operations, and corporate development in the Chinese precious
metal industry. Golden China's shares are listed on the main boards of both
the Toronto Stock Exchange and the Australian Securities Exchange under the
symbol GCX.
    On August 13, 2007 Golden China announced an Agreement to be acquired by
Sino Gold Mining Ltd. whereby Golden China shareholders would receive one Sino
Gold share for every 4.5 Golden China common shares they hold. A definitive
support agreement was signed on September 7, 2007 and on September 18, 2007
Sino Gold purchased from treasury 5,882,352 million shares of Golden China
representing 9.5% of the issued and outstanding shares of the Corporation.

    Forward-Looking Statements: Statements in this release that are
forward-looking statements are subject to various risks and uncertainties
concerning the specific factors disclosed under the heading "Risk Factors" and
elsewhere in the Company's periodic filings with Canadian securities
regulatory authorities. Such information contained herein represents
management's best judgment as of the date hereof based on information
currently available. The Company does not assume the obligation to update any
forward-looking statement.


For further information:

For further information: Golden China Resources Corp., Kristen Humphrey,
Communications Manager, (416) 366-8818, ext. 230,,; Renmark Financial Communications Inc., Barbara Komorowski,; Julien Ouimet,,
(514) 939-3989, Fax: (514) 939-3717,

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